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The trust has served its purpose: Now what can we do with it paper?

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Published on 28 Aug 09 by NATIONAL DIVISION, THE TAX INSTITUTE

Terminating the trust and distributing the assets may not be the preferred option. This paper looks at some issues arising if the trust is to continue. In particular, it looks at restructuring trusts:

  • cloning: What really happens - cloning after abolition of the concession
  • splitting: What really happens - is ‘merely' a monster?
  • early vesting of the entire trust fund or specific assets
  • vesting then resettling: CGT and stamp duty issues
  • extending the life: 80 years, royal lives and living forever in South Australia
  • renouncing or disclaiming interests after Ramsden and Spry: Which CGT event and what value?;
  • changes to beneficiaries and classes of beneficiaries: Div 149, CGT events K6 and E2, the Statement of Principles; and
  • appointors and guardians: New appointments, changes and successors.

Author profile

Grahame Young FTI
Grahame Young, FTI, practises as commercial counsel with Francis Burt Chambers, Perth. Prior to commencing practice as a barrister in 2001 he had broad experience as a solicitor and company director. Grahame’s principal areas of practice include transactional taxes, equity, trusts and succession, corporate and property law. He has a particular interest in structuring and restructuring corporate and family groups. He has spoken and written extensively on a wide range of legal and taxation topics for The Tax Institute and otherprofessional bodies. He is editor of Duties Legislation Western Australia. Grahame has served as State Chair and National Councillor of The Tax Institute and is the proud recipient of the Institute’s Meritorious Service Award. - Current at 09 June 2020
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This was presented at 17th National Tax Intensive Retreat: Extracting Value .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Recent developments relating to discretionary trusts - getting money out of trusts against the wishes of the trustee & appointor

Author(s):  Lisa HESPE

Materials from this session:

Getting value out of companies - Part 1

Author(s):  Paul HOCKRIDGE

Materials from this session:

Getting value out of companies – Part 2

Author(s):  David MARSCHKE

Materials from this session:

Voluntary liquidation – Getting the money & assets out of a company

Author(s):  Michael BUTLER

Materials from this session:

Offshore wealth - Accessing money overseas

Author(s):  Chris WOOKEY

Materials from this session:

The trust has served its purpose - Now let’s get the money out

Author(s):  Ken SCHURGOTT

Materials from this session:

The trust has served its purpose: Now what can we do with it?

Author(s):  Grahame Young

Materials from this session:

Further details about this event:

 

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